Today we are very excited to announce that iwoca has raised $20 million of new equity funding from a range of investors.
Since our last funding round, iwoca has helped thousands of business owners across four countries and has grown to a team of 80 – but we’re not about to stop there. This new capital will allow us to dramatically improve our product and expand our reach to millions more businesses across Europe.
We’re extremely happy to welcome on board Acton, a specialist German venture capital firm, and CommerzVentures, the investment wing of Commerzbank. We’d also like to welcome back past investors who participated – thanks for believing in us the second time around! We now have some of the smartest investors in the fintech space on our side, and we truly appreciate the access to their experience and networks.
What does this mean for iwoca customers?
The most immediate change is that we will have a lot more scope for innovation. Today we’re increasing our maximum credit limit to £100,000 and lengthening our maximum loan term to 12 months. Everything else stays the same – so breathe easy, we still won’t charge any hidden fees or tie you in with long-term commitments.
If you’re an existing iwoca customer looking to raise the credit limit or take advantage of the longer terms, just get in touch with your account manager and they’ll be able to help you out. Alternatively, if you’re not yet approved with iwoca sign up today to get approved in hours.
While we’re celebrating tonight, tomorrow it’s back to the coal face – watch this space for more exciting news to come!